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Unformatted text preview: "...final. .." o it records only the value of final goods, not intermediate goods. ".... goods and services. .." o it includes both tangible goods and intangible services "...Produced. .." o it includes goods and services currently produced, not transactions involving goods produced in the past "...within a country. .." Lecture Notes Economics T-Th A. Ordonez Chapter 15 809-195-3K1C 3/11/10 o it measures the value of production within the geographical confines of a country "...in a given period of time. .." it measures the value of production that takes place within a specific interval of time, usually a year or a quarter(3 months)...
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This note was uploaded on 05/10/2010 for the course ECONOMICS 809-195-3K taught by Professor A.ordonez during the Spring '10 term at Gateway Tech.
- Spring '10